The International Monetary Fund expected the Moroccan economy to contract by up to 7% by the end of this year, indicating that the government deficit will expand to 7.8 percent of GDP this year, compared to 4.1 percent last year.
The central bank revealed that Morocco's government debt has risen to 76.1 percent of GDP in 2020 from 65 percent in 2019.
The World Bank approved a $400 million loan to support reforms undertaken by Morocco to strengthen the safety net for the poorest families. On November 24, Morocco issued international bonds worth one billion euros, with the interest rate on those bonds reaching 1.5 percent for a 12-year term.
Moroccan bonds met with a large demand, with total demand for the offering reaching 5.3 billion euros, from 285 investors.
The credit rating agency, Moody's, had classified the Moroccan issuance at a level of "BB1" with a stable outlook, after raising its outlook for the sovereign assets in Morocco from negative to stable last October, and kept its credit rating at "BBB -".
Source (Al-Arab Newspaper-London, Edited)
